1914-02-04 — Page 3

CORRESPONDENCE.

GREAT BRITAIN'S COMMERCIAL POLICY IN CHINA,

[TO THE EDITOR OF THE "KONGKONG

DAILY PRESS.'']

COMPANY REPORT.

THE HONGKONG DAILY PRESS, WEDNESDAY, FEBRUARY 4TH, 1914.

HONGKONG AND SHANGHAI

BANKING CORPORATION.

The ninety-seventh report of the court of directors is as follows:

the half-year ending 31st December, 1013. The not profits for that period, includ- ing $2,059,482.91, bilance brought forward from last accout, after paying all charges, deducting interest paid and due, and making provison for had and doubt- ful accounts, amom, to $5,376,921.01

GENTLEMEN. The directors have now to BIB-For the last two years, whenever submit to you a geral statement of the any British syndicate or group paffairs of the Bank, and balance sheet for proached the Legation or Consulates, in order to obtain official backing, for the purpose of concluding loans or contracts with either Provincial or Central Govern ments, their representatives were politely told that "Great Britain did not approve of financial accommodation being granted through any but the Five-Power Group." Hence we find to day the extraordinary state of affairs that allows Japanese and other financial groups the power of borrowing money at low rates of interest from the London banks, in order to use it to lend to the provinces of China at high rates and on diffent terms, using the power that the money gives to force on Provinces indifferent machinery and manufactured goods-whore we, are not allowed to trade,

not

This our Minister in Peking, and our Foreign Secretary in London, gravely informs us is done for China's well-being, in order to consolidate the power of Peking, and to put off the evil day of Chint's insolvency as long as possible. To the ordinary mortal, whose logic is of that high order used exclusively in His Majesty's Legation and Foreign : Office, is would seem that if Great Britain really wished the best possible financial and general well-being for China, she would see the wisdom of allowing the capital of her country being used direct to give China the machinery, organization funds, etc., she needs, instead of being used by devious and intricate bye-pathe at a rate of interest often out of all pro nortion to the original rate.

Whenever. China requires money either for re-organization or other purposes, the bulk of that money comes from either Paris or London. Now in order to maintain the status que in Northern Europe, our statesmen have contracted an agreement with France, which agreement is presumably sound statesmanship and of beacfit to both countries. If the agree ment were extended so that it would cover China as well as the limited area in Northern Europe, it could not fail to be of great benefit to the two Powers involved, provided that Grett Britain would co-ordinate her banking policy to her foreign and commercial policy," and su place her financial power in the world on a parity with that of her ally, when the combined action of the two could force.

China into those paths of financial recti- tude that no other power on earth can

compass.

There are many reasons why, in the writer's opinion, the alliance would be successful--First, France is the only country except ourselves that has very considerable colonies in Asia. Secondly, France does not seriously compete against us in any import trade into China, and In experts silk alone is of any importance, and this trade is essentially a French one. Thirdly, both nations have long frontiers on Western China, and both nations maintain considerable garrisoas on their respective frontiera.

I am aware that the Foreign Office policy has been modified of late regarding loans to Provinces, but even to-day British subjects are not on a parity with other European subjects in regard to the Consular help afforded them in carrying such business through to a successful termination.)

Joint action on the part of the two Powers could so control the foreign financial relations of China that it would be impossible for her to involva herself

in the machinations of those Powers who seek to use French and

British capital in order to monopotice the trade by enfair methods, it would wake impossible the action of present groups to press unfair contracts on China, in lieu of instant payment of money owing, whilst it would not in any way interfere with legitimate trading nor infringe the sovereign rights of the Republic.

Provincial authorities could be prevent ed from contracting loans with those parties who would pay the most cumshaw, the general resources of China could be developed along sound financial lines, and both British and French manufacturing houses would benefit, as they cannot do to-day owing to unfair competition, whilst the solvency of the country could be strengthened in a way impossible by any other methods.

Already the French Government has seen the wisdom of taking steps that will render it difficult for foreign financial houses to borrow money from French banks, when, in the opinion of the Govern ment, the money is required for purposes contrary to French interests; and if this

|

The directors roommend the tranffer of $200,000 from the profit and loss account to credit of the silver reserve fund, which fand will then stand at $17,650,000.

They also recommend writing off Bonk prenises account the sum of $300,000.

After making these transfers and. deducting remuneration to directors there remains for appropriation $4.881,023.01. out of which the dictors recommend the payment of a dividend of two pounds sterling per share, vis.. £240,000, and a botus of five shillings sterling per share, 245-; £30,000) amounting in all to £270,000, which at 1/113-16, the rate of the day, will absorb $2,794, 68.16.

The balance, $200,311.85, to be carried to new profit and les account.

STERLING ABSERVE FUND.

The holding of £1,200,000 2 per cent. Consols has been written down by £12,000 to £852,000, and now stands in the books at 71; other sterling securities" have also been written down to the extent of about £12,000.

GENERAL PROFIT ANY LOSS ACCOUNT. 31ST DECEMBER, 1918.

To: Amounts Written OFF

Remuneration to Directors & To Dividend Account:

Dividend £2 per share on 120,000. Shares--£240,000 at 1/11 8/10. Bonus per Share on 120,000 Shares-£30,000 Transfer to Silver Re- at 1/1 8/18

serve Fund

To

To Transfer to Bank Pro- To Balance forward to next

mises Account

half-your

By

By

Balence of Undivided Prosts. 30th June, 1913 Amount of Net Profits for the Six Months end- ing 31st December 1918, after making provision for bad and doubtful debts, deducting all Es- pouses and Interest paid and dun

STERLING RESERVE TUND.

To Balance, £1,500,000 at ex. 2. (invested in Sterling Sceurities)

14,000.00

2,484,097.03

310,512.13

200,000.00

SUPREME COURT.

Tuesday, 3rd February

IN APFELLATE JURISDICTION. BEFORE THE CHIEF JUSTICE, SIR W, RES DAVIES, K.C., AND MR. HELANJ, GOMVERTZ (FUIENE JUDGS).

IMAGINARY JURY IMAGINARY FINDINGS."

*

ST STEPHEN'S COLLEGE.

STAFF CHANGES ANNOUNCED.

INTIMATIONS

GOODS.

Immediately after roll call yetorda, RACES

Those first six students of the College, had now gone out into the world and all. were holding honourable positions. Since that time he had seen scne hundreds of scholars out from the College. Some

OUR CONFIDENCE JUSTIFIED.

the Warden (Archdeacon, E. J. Barnett), in addressing the students, said he had, an important announcement to make witer referenco to St Stephon's College Sone of them remembered that eleven years ago, before the present build- When the motion in connection with the ing in which they were assembled had Chung San Nam case was resumed restor-been erected, the College was started with 300,000.00 day, Sir Francis Piggott referred to six scholars, one of whom (Mr. Tso, the 2,067,311,85

the Magistrate's finding and submitted Bursal) was present that morning. The at orce that it was wrong from the point teaching staff was then naturally limited, $5,370,921,01 of view of completeness. He subsequently consisting of himself and Mr. A. Mac- said, of the Magistrate: "He hasensie Shortly after, Mr. Ng Tin Po gone wrong on prosedure, and he has also was added. '82,052,482.91 | gone wrong in law; that is as clear as

can be

As currollary to that, he has confused the question of law with the question of fact. He has not complied with what are the express instructions in the quoted authority. The substitution of them had gone into business, while undertake to refund the Cest of any of an imaginary jury by him is not in others had gone to America and to Eng- 3,924,438.10 compliance with

the

instructions land to continue their studies and were Artiole if any of our Customers are not satisfied, 36,376,921,01 Throughout he has put up an imaginary doing well. One of them holds a strong jury fnstead of himself, and he has put position in the Government in Peking:

as we know how excellent our Goods aro.. the imaginary findings of that imaginary another returned the other day, to Hong. Such an offer could not be made if there was jury in the most uncertain way; the koar after having taken his degree of jury thay find, or might be inclined to B.Sc. in the London University the slightest doubt about our Goods All wa $ 15,000,000.00 | the view,' or probably would. Simply in chemistry and they would have the ask is your inspection.

locking at in from that point of view, pleasure of listening to an address from it is not a positive finding which, I main him very shortly. There were others tain, is essential to extradition proceed who were doing well in the Hongkong ings. It is not a sincere finding. There University and doing credit to their old H.. $15,000,000.00 is the substitution of the imaginary jury College. As he looked back over those with an uncertain verdict, and then he eleven years he felt that a good portion, $15,000,000,00

says, I can hold there is a strong and of his life had been associated with St. probable presumption of guilt." Well, Stephen's College. During the last five that is inconsistent and is bad law. And years he had had other work besides $17,650,000.00

not speaking in an offensive way, but attending to St Stephen's College. $17,800,000.00 putting it in the most legal way, ho sems He was a member of the Church Mission- to have said, If I am obliged to say ary Society, who sent missionaries to By Balance 30th June, 1918 $17,450,000.00 strong and probable presumption of nearly every part of the world. He was By Transfer from Profit

guilt, I might as well say so. The aud Loss Account

200,000.00 | judgment was contrary to law. and China and had a good deal of work to I say this is not English Law, and not do in that connection. The combined $17,650,000.00

the procedure followed in any English work, however, was more than one man Criminal Court. I am fully convinced of could do, and if it had not been for the this. that there has been a travesty of masters, who had taken a real interest in justice, and I will say that, from begin the welfare of the College, it would have ning to end, these are the most extra-been impossible for the College to con- ordinary proceedings that have ever tinue as it had. He felt that the Warden happened in any criminal case

of the College ought to give his whole Subsequently Sir Francis said that, the time to that work. The education of order was given to Chun Sau Nam by young men was & most important thing, Chan Kwing-ming, whereas the Crown and if one intended to look after the had based their charge in such a way that education of young men properly he must they assumed the order was given by the have his whole time and give his Government. That was another fact why undivided attention to it. For the last

C- By Balance 30th June, 1013, £1,500,000 at es. 21-

To effect these adjustments and main- tain the fun at £1,000,000: sterling stocks to the face value of £25,000 costing £24,356 95. ed. were purchased and added To Balanes toother sterling ecarities," bringing the amount under that heading to £431,000 written dom to £341,100.

This expenditure was met out of the earnings of the halfcas

DIREMORS...

elected Chairman for the year 1914, and The Hon. Mr. David Landale has been

Mr. W. L. Pattende deputy Chairman..

$15,000,000.00

SILVER DRSERVE FUND.

Dr.

Directors.

Mr. F. Lieb and Mr. G. R. Laurenz having resigned their seats on leaving the N. J. Stan, Chief Manager. Colony. Mr. E. Betz and Mr.CACHYNES, Acting Chief Accountant. Landgraf have been invited to fill the vacancies; these appointments require STANLEY H. DODWELL confirmation this meeting

The Hon Mr. E. Bhollim, Mr. W. L. Pattendea and Mr. H. Dodwell retire in rotation, but, being eligible for re-elec. tion, offer themselves accordingly.

AUD JORS:

The accounts have been nudited by Mr. J. W. C. Bonnar and Mr. F. Maitland, who offer themselves for re-election.

SYNLEY H.. DODWELL,

Chairman. Hongkong, 3rd February 1914.

ABSTRACT OF ASSET AND. LIABILITIES.

ST. DECEYER, 1913.

ZIARETATIES,

Paid-up Capital Sterling Reserve Fund

£1,500,000 atex 2)- Silver Reserve Fund

Marine Insurance Acount... Notes in Circulation:

(Authorised Issue gainst Securities and Condé- posited with the Crown Agents for the Cbries and their Trustees Additional Issue nythrised. by Hongkong Ordinances against Coin lodged with the Hongkong. Overn- meni Current Accounts

Silver

Gold, 0,840,173 14 76. Fixed Deposits:

Silver

Gold, 44,218,502 10k - Bills Payable:

(Including Call Loan and

Short Sight Drawings on London Office gainst Bills Receivable and

Bullion Shipments ...... Drafts on London Barkers. Acceptances on Acedint of

Constituents

Prost and Loss Account ...... Liability on Bills of Exdange

re-discounted, 09.20,183 16s. 3. of which 7,20,741 Os 10d have since an off

Cash

359276.

Coin lodged with the long-

Long Government against authorised and/or excess note cireulution

Bullion fa Hand and in

Transit

£82,000

Indinti Government Rupee

Paper Colonial and Other Scaritias Sterling Reserve Fit In-

eestinents, viz, i- £1,200,000 2

-Corsuls at 71

(of which £250,000 lodged with the Berle of England: as a Special Lon- don Reservo).... £230,000 8 4. Ex- chequer Bonds due 1930 at 93... 33,900 £431,500 Other Sterling Securi- ties, down to

written

30,100

£1,500,000

Bills Discounted, Lean and

Bills Receivable Credits..

DAVID LANDALE G. FRIESLAND

We have compared the above Statement with the Books, Vouchers and Securities at the Head Office, and with the Returns. from the various Branches and Agencies, and have found the same to be correct.

J. W. C. BONNAR F. MAITLAND

Auditors. Hongkong, 3rd February, 1914.

RUTTONJEE

SON,

WINE AND PROVISION MERCHANTS.

· [26

now the Society's Secretary in South MAPPIN&WEBB,

THE TRADE OF THE PHILIPPINES. the charge could not stand. Touching two years he had been trying to do his

..

HEAVY DECLINE IN BOTH IMPORTY AND

EXPORTA, MA

ance more upon the Magistrate's judgment, best, but with other calls so pressing he Sir Francis caused some amusement by had not had the time and strength to give During the calendar year of 1913 the remarking. My learned friend described to the work of the College, and so, for the $15,000,000.00 total value of importe into all ports of a certain nussage in that judgment as last twelve months, he had been feeling the Philippines Islands, states the Manila being worthy of Hallam. I hope he will he could not do these two great works, 15,000,000.00 | Griblenews, fell off the appalling amount excuse me when I say that it is worthy taking charge of the College and also 17,450,000.00 of nearly 17 million pesos-P16,710,230, of Macaulay in his most inaccurate acting as Secretary for the Church

250,000.00 to be correct, according to statements moments. He was you know, famous for Missionary Society.

issued last week by the Insular Collector.

Last year, the. Archdeacon said, he wrote home to the

of Customs. These figures are taken in his inaccuracies." comparison to the total value of imports The Puisno Judge Not inaccuracies, heads of the C.M.S. resigning both posi- of the previous calendar year. 1913 bias. (Laughter.)

tions, intimating that ho was quite will imports totalled $53,312,786 gold, while Sir Francis-Well, that bias led him to ing to continue in one or other of these

15,000,000.00 1912 imports totalled 801,667,901..

make

bo

LIMITED.

NEW CONSIGNMENTS

STERLING

SILVER WARE.

PRINCE'S PLATE

(GUARANTEED

FOR 30 YEARS)

OUTLERY

From the

SOLE AGENTS:

GAUPF & CO.,

ALEXANDRA

In the case of exports the figures spell

certain grave', inaccuracies-I two offices should they so desire. The CHS. J. the same story, the total falling off being mean those expressions of bias had replied regretting the news and P13,692,080. Last year's value of total

(Laughter.) exports from all ports was 847,772,956. Law and concluded his reply by saying pointed Warden.

Counsel briefly referred to Common saying that someone had better

On receipt of that 9,899,191.00 The calendar year previous it

was that the reasons which he had given vere letter he called together the College 254,618,900. The heaviest loss was in good reasons why the prisoner should Council, which has Chinese gentlemen 122,738,559.46 copra. In 1912 there was P8,275,484 more be discharged.

59,718,918.35 copra exported than last year. Hemp fell It was intimated to Counsel for the upon it as well as English, and asked down 2 million pesos. Sugar and other Crawn by the Chief Justice that they them to consider what was best to be done. 72,637,750.10 tobacco fell off about 2 million pesos should be prepared, if it was desired, to and whom they would like to succeed 43,095,433.15 each. Exportation of cigara was about tender an expert witness in regard to him. They decided to nominate the Rev. A. D. Stewart (at present of St. Paul's College) to be Warden. The wish of the Conncil was placed before the CM.S.. Committee and they approved, so that Mr. Stewart would be their new Warden. "It will be very hard for me," said the

the same.

Chinese Law in consequence of the like- The falling off of exports in bulk waslihood of other proceedings. even more than the figures indicate, for The hearing of the motion then closed, the average prices obtained last year were it having occupied close upon three weeks.

far better than those obtained in 1912.

9,400,203.63 Copra brought $11.610 last year. The 10,451,248.00 | year previous the price was $0.933 per 100 kilos, In the case of hemp it was the 12,506,890.86 sarge: last year hemp brought $17 627 por 5,376,927.01 100 kilos, while the previous year the average price was only $12.609. There was a slight falling off in the average price of cigars and other tobaccos. The average price of evecanut oil increased. over 300 per cent last year. Sugar $408,554,905.56 | remaized about the same,

Stalernents of the exports and imports for the last six months of the calendar.

ROYAL HONGKONG GOLF CLUB,

FANLING,

85--13 72 95-22 13

00--20 70

·104--24 · 80

CHINA NEW YEAR CUP. H. C. Saadford... Commander Beckwith A. O. Brawn. C. Beswick T. A. Loughlin C. N. M. Hamilton Tyrrell

.101--24 80 07-16 81 .100-18 62

41 entries. RUNNING POOL-JANUARY,

II. C Sandford

The

Capt. Torrie

S. H. Dcdwell

Capt, Spicer

J. Owen Hughes.

to

M. Maaa

A. M. Thomson

$ 49,579,286.77 | year of 1813 naturally tell the same story

as the figures for the entire year. collector of customs also issued figures yesterday or the month of December. 15,000,000.00 The falling off in exports as compared

with December,

1912, ameunied 5,355,983.81 P3,080,810. The only increase is noted in Imports for December, all ports, the 1,367,919.12 increase amounting to P198,370. 13,268,835.48

· at 12:2)-° -15,000,000.00

141,684,523.07 147,992,278.34

is recessary to France with her interests,Liabilities of Constituents

it is certainly necessary for us with

our wider interests. I am, your faith- Fully

ARTHUR T. MOORE BENNETT Yunnanfu, January 24th

The tremendous falling off in exports, which also affected the imports, is claimed to have been caused by the destruction of crops three years ago by the prolonged drought throughout the Islands and the destructive typhoon of 1912.

EDRESCHEMER

for acceptances, per entra

Bank Premises

12,606,680.88 6,799,398.11

$408,554,905,50

1057

M. Kissane

W. D. Kraft D. H. Cobb

Beswick

T. C. Archer C. H. Peel

CH. P. Hay........ C. N. M. Hamilton C. H. Tyrrell

· 205 entriesi

PERTUSSIN

85-13. 72 83 10 73 87-14 73 81 7. 74 02-18 74. 95-2016 94-1876 07-20 77 83578 90-18 78 .102-24 76 96 16 80 96--18 80 08-18 80 07-16 81 103-18 65

Is a harmless and efficient remedy against all diseases of the respiratory

organs, especially WHOOPING COUGH, CATARRH OF

LARYNX, ACUTE AND CHRONIC BRONCHIAL

CATARRH, ASTHMA, &c, which bas been recognised unequalled by the highest authorities. Also the AFFECTIONS. OF THE LUNGS will be greatly relieved by the uso. of it.

TO BE HAD AT-

THE MEDICAL HALL.

HONGKONG.

BUILDINGS.

CHATER ROAD

CALDBECK,

134

Archdeacon, to break away from St. MACGREGOR&C..

Stephen's, but it I felt I could do my duty to you by remaining Wardea, 1 should certainly do so." In obtaining the services of Mr. Stewart he was suro they all felt they were getting a very good man, and he was certain that when le came he would receive a very warm welcome from them all. As Mr. Stewart was having St. Paul's College it would mean a vacancy there also, and to his post the Rev. C. B. Shann (Caplain of St, Stephen's College), had been appointed. These changes would not take place imme diately, because work had been set for forthcoming examinations and it would not be fair to students to upset their class work. The Archdeacon said he had taken the first opportunity of telling them the news, and urged the boys to make the last vo terms he would be with them as Warden the best he had ever known.

CHINA'S DEBTS AND NEW YEAR.

PEKING, January 20th.. The Government lies succeeded in tiding over the financial difficulties of the China New Year by means of the advance of $1,000,000 from the Quintuple Group secured on the Salt Gabelle and by the payment of advances by the Banque In- dustrielle and other small, lenders.

REVOLUTION CLAIMS AND THE HAGUE. It is pointed out in connection with the revolutionary claims that £2,000,000 was. set aside from the Quintuple Loan to meet all foreign claima, and on this China is. paying interest at five per cent It is also understood tha China pays inter- est possibly as high as seven per cent, on all admitted claims from the date when the damage was sustained. The foreign claims, as submitted, considerably exceed

(ESTABLISHED 1884);

JUNORA

THE

WINE

JUNORA

4 Cactuaria

OF

HEALTH

A TONIC WINE, “PICK-ME-UP,”

£3,000,000 and China is urging that the LIQUEUR AND COCKTAIL, EMBODIED matter should be referred to The Hague.

DIANA PROVINCIAL PAYMENTS,

The Provinces of Chihli and Rupeh IN ONE BOTTLE. have promised to remis $400,000 to the.

Central Government, Reuter